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E�ooE.- 4033 Page: 884 <br /> (D) that the Project at the time of the adoption of the Agreement, and currently, <br /> will serve to further the development of adjacent areas; <br /> (E) that without the Redevelopment Agreement's economic incentive features, <br /> the Project, at the time of the adoption of the Agreement and currently, would not have <br /> been possible; <br /> (F) that the Developer who is a party to the Redevelopment Agreement, at the <br /> time of the adoption of the Agreement, met and continues to meet high standards of <br /> creditworthiness and financial strength as demonstrated by: specific evidence of equity <br /> financing for not less than 10% of the total project costs; <br /> (G) that the Project, at the time of the adoption of the Agreement and currently, <br /> will strengthen the commercial sector of the Municipality; <br /> (H) that the Project, at the time of the adoption of the Agreement and currently, <br /> will enhance the tax base of the Municipality; and <br /> (I) that the Redevelopment Agreement's economic incentive agreement feature, <br /> at the time of the adoption of the Agreement and currently, is made in the best interest of <br /> the Municipality. <br /> Section 3. Bid Waiver. Pursuant to Section 8-9-1 of the Illinois Municipal Code <br /> bidding requirements, if any, related to the Redevelopment Agreement and related documents <br /> and related contracts entered into or to be entered into shall be and are hereby waived. The <br /> Developer shall be responsible for compliance with applicable law related to the Redevelopment <br /> Agreement, including without limitation the Prevailing Wage Act. <br /> Section 4. Effective. Pursuant to home rule power and authority, this ordinance <br /> shall be in full force and effect immediately upon adoption and approval. <br /> -3 - <br />